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2015 (7) TMI 973 - AT - Income TaxCapital gain - Valuation of property - stamp valuation u/s 50C - Rectification of an order u/s 154 r.w.s. 155(15) - Held that:- D.R. has given detailed findings on page No. 5 and 6 of her order and concluded that even subsequent second sale was taken by the Stamp Authority @ 1650 per sq.mtr. whereas DLC rate revalued by the Stamp Authority in assessee’s case @ 2160 per sq.mtr., which has been challenged before the Additional Collector (Stamp), Jaipur and matter is pending before him. As per Section 50C(2), the DVO had estimated value of the concerned property at ₹ 8,10,000/-. Therefore, there is no justification in applying sale consideration at ₹ 33,35,000/. If the learned CIT(A)’s observation is that if any variation in valuation came on account of final decision of Additional Collector (Stamp), can be rectified U/s 155(15) within four years from the end of the previous year, in which the order revising the value was passed in appeal or revision or reference. - Decided against Revenue.
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